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RCOM net loss down to Rs 130 crore in Q3FY18

Reliance Communication (RCOM) reported a net loss of Rs 130 crore for the quarter ended December 31, 2017. This is an improvement from the previous quarter (ended September 30), when losses were Rs 2,712 crore, the company informed BSE. The company mentioned that this sharp drop of over 95 per cent in quarterly losses was due to their planned exit from consumer business, which comprised of wireless, direct to home and PCO. RCOM’s disinvestment of the its wireless network was enabled by Mukesh Ambani’s Reliance Jio, which bought RCOM’s wireless infrastructure assets that includes towers, optic fibre cable network, spectrum, and media convergence nodes in an all-cash deal. Some highlights from financials The company’s new business portfolio reported consolidated revenues of Rs 1,305 crore in the December quarter. Of this, Indian operations’ revenues contributed Rs 596 crore or 45.7%, while global…

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